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If you’re trying to get a home renovation loan in Arizona with your mortgage, chances are you’ll run into challenges getting financing. However, there are a couple different ways to fund your project depending on the situation.
Banks look at lots of different factors when you go to get a mortgage. They’ll dissect your personal eligibility and look at things like your credit score, employment, and income. They’ll also look at the value of the property. Generally speaking, the most they’ll loan is 80% of the value of the property. They expect you to front the other 20%. This in mind, if the value of the property is $100,000, the biggest loan you are likely to get for it is $80,000.
The logic behind this is fairly obvious. If they give you $150,000 for that same property and you can’t compete the work, they’re stuck with a property that’s worth less than what they’re lent out and they don’t want the property. They’ll have to sell it for less than what they’ve paid for it.
This in mind, if you’re working with traditional bank loans, you’ll have to pay well under the property’s actual value to have enough to cover renovations too. This presents a catch-22. More often than not, properties that sell for significantly less have serious issues and the banks won’t finance them anyway. So, it’s generally very difficult to get a renovation loan in Arizona with a mortgage in one package when you go to a bank. However, there are ways to tackle both, but your next steps will vary depending on whether you intend to live in the home or not.
You May Be Successful with Government-Backed Financing if You Plan to Live in the House
The big distinction is whether you’re looking for an owner-occupied lending renovation loan in Arizona (you intend to live in the house) or a non-owner-occupied option (you’re going to flip it or rent it out). There are a few different types of government-backed options for those who intend to make the property their primary residence. Although the government does not actually lend the money out (the banks are still the lenders), programs offered by the government insure the loans, so the banks risk less and are more likely to lend. It’s the government’s way of helping more people get into homes. The two primary choices here are the FHA 203(k), which works for people with bad credit but has strict renovations about the types of renovations you can do, and the Fannie Mae HomeStyle mortgage which gives you more flexibility in renovations but requires better credit.
Alternative lenders can lend a helping hand if you won’t live on the property.
If you’re planning to flip the house or convert it into a rental, you probably won’t qualify for a renovation loan in Arizona from the bank or through a government program. Instead, you’ll want to check out alternative lending; more specifically, hard money loans. These are not contingent on good credit, but require a solid plan and often experience in the industry. They’re short-term options in which you’ll typically make interest-only payments, then pay off the loan in its entirety when you sell the property or refinance later—capitalizing on the fact that you’ve increased the value enough to qualify for a traditional option. Although you can sometimes pick up cash from a hard money lender as a traditional homeowner as well, their offerings are typically geared toward investor purchases, so they’re a better fit for house flippers and those who want to do long-term or vacation rentals.
What Are Arizona Hard Money Lenders?
Arizona Hard Money Lenders are private lenders who fund loans without the use of a bank or mortgage company. Unlike traditional loans hard money is secured by an asset rather than the borrower’s personal credit.
Arizona Hard Money Lenders are either private individuals or private business groups who loan borrowers funds for short-term loans. The biggest benefit of these private lenders is that the loan approval is based on the value of the property being used as collateral for the loan rather than the creditworthiness of the borrower. This opens up a great opportunity for borrowers who cannot meet the stringent loan qualifications of traditional banks and mortgage companies.
The term of most Texas Hard Money Loans is less than five years, making these loans perfect for real estate investors. The recent craze with property flipping has primarily been funded by Arizona Hard Money Lenders as they offer a simple application process and a fast turnaround on the approval and finding. Many banks can take up to several months to approve a loan application but Arizona Hard Money Lenders can approve and fund many loans in just about a week.
In addition to the fast funding, borrowers who have less than perfect credit look to hard money as a viable option for their funding needs. Being asset-based rather than credit based, many more borrowers can qualify for hard money. And because of their limited options for borrowing, they are willing to pay the higher rates charged for the hard money. In the end, it works out well for both parties involved as the lenders are being paid a higher interest rate for the increased risk of a borrower with a low credit score and the borrower has a resource that is less demanding than a bank.
Uses Of Arizona Hard Money
The first real estate deal that most consumers think of when hard money is mentioned is a fix and flip. These are very popular but there are other used for hard money as well. Homeowners who are facing a foreclosure but have strong equity in their home can use hard money to pay off the original mortgage and avoid losing their home. This allows the homeowner the choice of remaining in the home and finding a traditional mortgage to pay off the hard money loan or selling the home at a fair price and paying off the loan. The second option is far better than the foreclosure as the homeowner will keep any profit rather than turning it over to the mortgage company in the foreclosure.
Pros and Cons of Arizona Hard Money Lenders
There are pros and cons to every type of loan and even to every lender. Before selecting a hard money loan, it is important to do your research and find the lender who offers the terms and services that you need at the best rate. Easy applications, fast funding and lower credit requirements are all great but realize that these benefits come at a price that you must be willing to pay to use a lenders money.
Do Arizona hard money loans Work for Cash-Only/ As-Is Deals?
As you begin searching for your initial fix-and-flip deals, you’ll see quite a few ads that implicitly say the seller only accepts cash or that the property is being sold as-is. Generally speaking, Arizona hard money loans (HMLs) work well in these situations, though it’s important to consider the methodology behind the verbiage.
There are many reasons why sellers will list a property as-is or denote it’s a cash-only sale. Usually, it’s one of the following:
- The property is in such ill repair that a bank won’t finance it. Oftentimes, the seller will mention that the home is “damaged.”
- The seller needs to be free of the property quickly and can’t wait for someone to get approval. If this is the case, the listing may mention it is a “distressed” property.
- The price or the value is too low for the property to qualify for a traditional mortgage.
In short, none of these situations really means that the seller requires you to have cash sitting around, but rather, the seller knows you aren’t going to get traditional financing and they don’t want to be bothered with offers that are contingent upon it. They don’t care whether your cash comes from your savings, if you borrowed it from family and friends, or if you’ve obtained an Arizona hard money loans; only that the sale won’t get held up by a bank.
Cash vs. HMLs: Which is Right for You?
There are benefits to going with cash when you can and there are benefits to leveraging Arizona hard money loans as well. If you’re using your own cash, then you’ll obviously have it tied up in the project for the duration, which can be problematic if you run into issues or come across another great investment opportunity while your money is already in use. However, if you have enough to cover it and feel confident you won’t need it, going with your own cash can be the cheapest way to fund a project. Borrowing from friends and family works along the same lines, but you’ll naturally have to be mindful of the repayment terms to avoid causing any issues. With an Arizona hard money loans, you do have to pay to borrow, but the fees can easily be paid for with profit when you manage a successful project.
Getting approval for cash-only properties is easy when you work with the right lenders.
If you’ve got a property in mind that’s listed as a cash-only or as-is sale, do your homework to ensure the purchase and rehab will be profitable. Spend time getting to know the property, what it has been appraised at, what challenges you’ll face when doing upgrades and repairs, and what similar homes in the area are selling for. Then, check with a broker to find out what terms you qualify for before approaching the seller. Armed with information and an approval in your back pocket, most sellers will jump at a fair offer, and perhaps even a low offer, regardless of whether your cash is coming from an HML or your personal bank account.
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